

(Posted on 11/11/19)
Seanergy Maritime Holdings Corp. has announced its financial results for the third quarter and nine months ended 30 September, 2019.
Seanergy is the only pure-play Capesize shipping company listed in the US capital markets and provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years.
For the quarter ended 30 September, 2019, the Company generated net revenues of $24.0 million, representing a 9% decrease compared to the corresponding quarter of 2018. This decrease is attributed to a 21% reduction in operating days mainly due to the dry-dockings of three vessels during the third quarter of 2019 and the sale of our two Supramax vessels in the fourth quarter of 2018. The Time Charter Equivalent (TCE)1 earned during the third quarter of 2019 was $20,143[1], increased by 19% from $16,914 in the third quarter of 2018. Seanergy recorded Net Income of $0.7 million compared to a net loss of $5.6 million in the same quarter of 2018, marking a profitable quarter despite the increased down-time due to the heavy dry-docking schedule.
For the nine-month period ended September 30, 2019 net revenues amounted to $58.7 million, a 9% decrease compared to $64.5 million in the same period in 2018. The decrease is attributable to a 14% reduction in operating days due to four dry-docking surveys taking place in 2019 and the sale of the two Supramax vessels in 2018. The Time Charter Equivalent (TCE)1 earned during the first nine months of 2019 was $12,004, representing a 4% decrease from $12,497 in the same period of 2018. The average daily OPEX of the fleet for the nine-month period of 2019 was $5,032, marginally improved from $5,087 in the respective period of 2018.
Cash and cash-equivalents, including restricted cash as of September 30, 2019 stood at $15.4 million, which is an increase from $7.4 million as of December 31, 2018. Shareholders’ equity at the end of the third quarter of 2019 was $26.6 million compared to $21.3 million at the end of the fourth quarter of 2018.
AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals... Read more
Shipzero is enabling transport and logistics companies to create transparency about their emissions... Read more
The Isle of Man Ship Registry (IOMSR) has become an associate member of The International Association... Read more
The wellbeing of crew members is becoming more important to shipping companies says leading catering... Read more
Canada based Algoma Central Corporation has reported its results for the year ended 31 December, 2022... Read more
Ukrainian seafarers have largely returned to international shipping thereby restoring balance in crew... Read more
The Chairs of the Round Table of International Shipping Associations met in Athens last week to renew... Read more
AXSMarine, a leading provider of SaaS shipping software and data for decision making in the chartering... Read more
Algoma Central Corporation and The CSL Group, who together form the CSL International Pool have announced... Read more
Swiss marine power company WinGD has launched a pilot project for a new engine diagnostics solution... Read more